How to solve Guesstimates for your next Analytics Interview – Part 1

Want to be interview ready for your next Analytics Role? One of the most common questions you may be asked is to Guess a figure that may seem to be unthinkable or unpredictable to you if you are unaware of what Guesstimates are!

When you enter a company of any field- market research, food industry, fashion industry, and many others- you need to be good at estimating your competitor’s strategy. Estimating your competitors’ business strategies is one of the important tasks of any business consultant though this is an undefined skill requirement you will never see in the Job Description before going for a Job interview!

Guesstimates are GUESSWORK + ESTIMATION

Guesstimates help you work efficiently with higher degree of precision and innovation to improve your company’s status in the market.

This is precisely the reason interviewers generally check your knowledge through guesstimates.

There are 4 steps to solve Guesstimates Questions –

Let’s solve one example to understand these steps properly

Q) How many cups of tea (all kinds) are consumed by residents of Delhi in a day?

After breaking down the problem and analysing each piece, we need to support our study with data in order to consolidate the result.

So our guesstimate says that around 2,80,00,000 cups of tea are consumed by Delhiwalas in a day!

This was a pretty easy one, there are more interesting guesstimates which might interest you when you pull in economics or science into the picture. They are real life puzzles and predictions, so buckle up for a more interesting example the next time, check this space for tips to answer guesstimates during an interview.

FUN FACT: When a guesstimate question asks for the size of a market – It is called a MARKET-SIZING QUESTION

At Ivy we introduce students to these concepts in Analytical Problem solving skills and Interview Preparation Skills. Ivy’s Students have been placed in more 100 Top notch Analytics Companies. We offer Big Data Analytics and Machine Learning courses in Bangalore, New Delhi, Pune, Kolkata and Mumbai. get in touch with us for information on our courses at info@ivyproschool.com or call/whatsapp 9748441111.